Blue Star Gold Corp. announced the Company's Mineral Resource Estimate for the legacy Ulu Project in the High Lake Belt, west Kitikmeot Region, Nunavut, Canada. The MRE conceptualizes potential open pit and underground approaches to the mineral resource.

The independent and qualified person for the Mineral Resource Estimate, as defined by NI 43-101, is Chris MacInnis, P.Geo from ALS-GoldSpot Ltd. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. There has been insufficient exploration to define inferred resources above as indicated or measured mineral resources however, it is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that all or any part of a mineral resource can or will be converted into a mineral reserve.

The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (CIM 2014 and 2019). The MRE is underpinned by data from 544 on site diamond drill holes totalling 112,880m of drilling.

The MRE is reported at a cut off of 1.5 g/t Au for the conceptual open pit and 3.5 g/t Au for the conceptual underground extraction scenarios. The cut-off grades and potential mining scenarios were calculated using the following parameters; mining cost: $110.00/t UG and $4.13/t OP; G&A and site service costs: $44.20/t; processing cost: $36.3/t; recoveries 92%; gold price USD 1750.00 per ounce; and minimum mining width of 2.0 metres in order to meet the requirement that the mineral resources show "reasonable prospects for eventual economic extraction." Original Au assays were composited to 1m with 4,231 composites generated in the mineralised domains including 3,934 composites generated for the Flood Zone, 81 composites for the NFN Zone and 154 composites for the Gnu (Nutaaq) Zone. Grade interpolation was performed by ordinary kriging (OK) for the Flood Zone and inverse power of distance to the third power for all other zones.

The informing data was composited to 1.0m for all zones except GNU, which used a 0.75m composite size. High grade capping supported by statistical analysis was completed on composite data from each zone and was established at 41 g/t Au for the Flood Zone, 35 g/t for the Gnu(Nutaaq) Zone and 41 g/t Au for the NFN Zone. All figures are rounded to reflect the relative accuracy of the estimates.

Metal content is presented in troy ounces (tonnes x grade (g/t) /31.10348). The Author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue not reported in the technical report that could materially affect the MRE. The effective date of the MRE is 08 February 2023 and a technical report on the Ulu Gold Project will be filed by the Company on SEDAR within 45 days of the date of this news release.

Full results tables and additional maps and geological sections will be made available on the Company's website. The Ulu Gold Project MRE is based on 544 diamond drill holes totalling 112,880 m spanning over thirty years to the present along and adjacent to the Ulu Fold Hinge. The MRE represents a significant adjustment in geological and mineralisation style understanding and confidence in the mineralisation modeling to a historic MRE published by a previous operator in 2015 by: Modeling distinct high-grade zones with lower grade zones where they occur, and modeling two distinctive styles of mineralisation separately; Addition of new assays from drilling campaigns in 2019 through 2022 totaling 88 drill holes for 15,391 m; and Modeling portions of the mineral resources with a conceptual open pit mining scenario versus a solely underground extraction scenario.